UEX : Independent Technical Report on the West Bear Project, Saskatchewan

August 09, 2022 at 01:49 pm EDT

Independent Technical Report on the West Bear

Project, Saskatchewan

Prepared for:

UEX Corporation

Prepared by:

James Hatley, P.Eng.

Fred Brown, P.Geo.

Effective Date: June 30, 2022

Issue Date: July 25, 2022

Hatley Engineering and Applied Technologies Inc.

	Page i
Independent Technical Report on the West Bear Project, Saskatchewan	July 25, 2022

SUMMARY

This report was prepared to provide an Independent Technical Report for the West Bear Cobalt- Nickel Deposit on the West Bear Property, Saskatchewan, Canada. The Independent Technical Report is required due to the NI 43-101 Standards of Disclosure for Mineral Projects, Section 5.3

(c) (ii) "a 100 percent or greater change in the total mineral resources or total mineral resources on a property material to the issuer, since the issuer's most recently filed independent technical report in respect of the property."

The Independent Technical Report and updated Mineral Resource Statement prepared by James Hatley, P.Eng. of Hatley Engineering and Applied Technologies Inc. ("Hatley Engineering") and Fred Brown, P.Geo. It was prepared following the guidelines of the Canadian Securities Administrators' National Instrument 43-101 and Form 43-101F1. Additional guidance was obtained from Companion Policy 43-101CP. It also discloses the material results from exploration activity conducted during 2020 and 2021 on the property, specifically on the Umpherville and Michael Lake grids.

The West Bear Property (the "Property") is a mid to advanced stage exploration project located in Saskatchewan, Canada. UEX Corporation ("UEX") owns 100 percent of the West Bear Property.

UEX Corporation - West Bear Project

Hatley Engineering and Applied Technologies Inc.

			Page ii
Independent Technical Report on the West Bear Project, Saskatchewan	July 25, 2022
		TABLE OF CONTENTS
SUMMARY	.................................................................................................................................	i
LIST OF FIGURES ...................................................................................................................	vi
LIST OF TABLES .....................................................................................................................	ix
1.0	SUMMARY ....................................................................................................................	1
	1.1	Introduction .........................................................................................................	1
	1.2	Property Description and Ownership....................................................................	1
	1.3	History.................................................................................................................	2
	1.4	Geology and Mineralization .................................................................................	3
	1.5	Exploration and Drilling.......................................................................................	4
	1.6	Sample Preparation, Analyses and Security..........................................................	4
	1.7	Data Verification..................................................................................................	5
	1.8	Mineral Resource and Mineral Reserve ................................................................	5
	1.9	Adjacent Properties and Other Relevant Data and Information.............................	6
	1.10	Conclusions and Recommendations .....................................................................	6
2.0	INTRODUCTION.........................................................................................................	10
	2.1	Work Program ...................................................................................................	11
	2.2	Basis of Technical Report ..................................................................................	11
	2.3	Qualifications of the Qualified Persons ..............................................................	12
	2.4	Site Visit............................................................................................................	12
	2.5	Key Definitions..................................................................................................	13
	2.6	Declaration ........................................................................................................	14
3.0 RELIANCE ON OTHER EXPERTS .............................................................................	14
4.0 PROPERTY DESCRIPTION AND LOCATION ..........................................................	15
	4.1	Mineral Tenure ..................................................................................................	16
	4.2	Mining Rights in Saskatchewan .........................................................................	19
	4.3	Underlying Agreements .....................................................................................	19
	4.4	Permits and Authorizations ................................................................................	19
	4.5	Environmental Considerations ...........................................................................	20

5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRCTURE AND

PHYSIOGRAPHY ........................................................................................................	22
5.1 Accessibility ......................................................................................................	22

UEX Corporation - West Bear Project

Hatley Engineering and Applied Technologies Inc.

			Page iii
Independent Technical Report on the West Bear Project, Saskatchewan	July 25, 2022
	5.2	Local Resources and Infrastructure ....................................................................	22
	5.3	Climate ..............................................................................................................	23
	5.4	Physiography .....................................................................................................	23
6.0	HISTORY .....................................................................................................................	25
	6.1	Property Ownership .................................................................................................	25
	6.2	Exploration and Development History .....................................................................	25
	6.3	Historical Mineral Resource Estimates.....................................................................	26
	6.4	Historical Productional Resource Estimates .............................................................	27
7.0 GEOLOGICAL SETTING AND MINERALIZATION.......................................................	28
	7.1	Regional Geology ....................................................................................................	28
	7.2	Property Geology.....................................................................................................	31
		7.2.1 Wollaston Group .......................................................................................	31
		7.2.2 Athabasca Group.......................................................................................	34
		7.2.3 West Bear Antiform ..................................................................................	34
		7.2.4 Structure....................................................................................................	34
	7.3	Mineralization..........................................................................................................	36
		7.3.1 West Bear Cobalt-Nickel Deposit ..............................................................	36
		7.3.2 West Bear Uranium Deposit ......................................................................	37
		7.3.3 Michael Lake Occurrence..........................................................................	37
		7.3.4 Pebble Hill Occurrence..............................................................................	38
		7.3.5 North Shore Uranium Occurrence..............................................................	38
	7.4	Alteration.................................................................................................................	38
8.0	DEPOSIT TYPES .........................................................................................................	40
9.0	EXPLORATION ...........................................................................................................	41
	9.1	Geophysics on the West Bear Property...............................................................	41
	9.2	2019 Umpherville and Pebble Hill HLEM Geophysical Program .......................	42
	9.3	Boulder Prospecting Survey...............................................................................	47
	9.4	Michael Lake and Huggins Lake HLEM Geophysics Program ...........................	56
	9.5	Exploration Targets............................................................................................	59
10.0	DRILLING....................................................................................................................	61
	10.1 Historical Drilling (1977 - 2007) .......................................................................	61
	10.2 West Bear Cobalt-Nickel Deposit Drilling by UEX 2018 & 2019.......................	61
	10.3 UEX Exploration Drilling 2020 & 2021.............................................................	62

UEX Corporation - West Bear Project

Hatley Engineering and Applied Technologies Inc.

			Page iv
Independent Technical Report on the West Bear Project, Saskatchewan	July 25, 2022
		10.3.1 West Bear Cobalt-Nickel Deposit Assay Results .....................................	70
		10.3.2 Michael Lake Cobalt-Nickel Zone ...........................................................	79
	10.4	Surveying...........................................................................................................	84
	10.5	Core Recovery ...................................................................................................	85
	10.6	Relationship Between Sample Length and True Thickness .................................	85
	10.7	Drilling Procedures ............................................................................................	85
11.0 SAMPLE PREPARATION, ANALYSES AND SECURITY ........................................	88
	11.1	Drill Core Sampling Method and Approach .......................................................	88
	11.2	Sample Preparation and Analysis .......................................................................	89
	11.3	Drill Core Density Data......................................................................................	91
	11.4	Quality Assurance and Quality Control Programs ..............................................	91
		11.4.1 Quality Assurance and Quality Control Programs....................................	92
		11.4.2 Blanks .....................................................................................................	92
		11.4.3 Reference Materials.................................................................................	93
		11.4.4 Reproducibility of Laboratory Pulp Duplicates ......................................	100
		11.4.5 Field Duplicates ....................................................................................	100
		11.4.6 Check Assays ........................................................................................	106
	11.5	Database Validation .........................................................................................	112
	11.6	Security............................................................................................................	112
	11.7	Summary .........................................................................................................	113
12.0	DATA VERIFICATION .............................................................................................	114
	12.1 Site Visit and Independent Sampling....................................................................	114
		12.1.1 Independent Samples.............................................................................	114
		12.1.2 Independent Survey Check ....................................................................	117
	12.2	Database Verification.......................................................................................	118
	12.3	Author's Comments on Adequacy of Data .......................................................	118
13.0 MINERAL PROCESSING AND METALLURGICAL TESTING..............................	119
14.0	MINERAL RESOURCE ESTIMATE .........................................................................	120
	14.1	Introduction .....................................................................................................	120
	14.2	Data Supplied ..................................................................................................	120
	14.3	Economic Assumptions....................................................................................	123
	14.4	Mineralization Modeling.................................................................................	124
	14.5	Exploratory Data Analysis ...............................................................................	125

UEX Corporation - West Bear Project

Hatley Engineering and Applied Technologies Inc.

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UEX Corporation published this content on 09 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2022 17:48:07 UTC.

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